Is Buying A House At Auction Safe?
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There are several issues to look for when bidding on a foreclosure. A buyer needs to spend some time researching the physical property as well as the conditions that go with the land. Before making a bid on a foreclosure at an auction sale, make a checklist covering these seven areas.
1. Debts Recorded on the Title
Scrutinize the title to the property. This document will tell you if there are any liens on the house. If you purchase a home with some types of claims on the title, you become responsible for paying off those debts to get a clear title. A debt that can be attached to a title is unpaid property taxes. To have a clear title, you will need to catch up on the back taxes. Another form of debt might be outstanding home owner’s association…
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